REG - In The Style Group - Result of General Meeting

ItsarmAnnouncement

24/03/2023 12:00

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RNS Number : 1867U  In The Style Group PLC  24 March 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE UK VERSION OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH IS PART OF
UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

 

For immediate release

24 March 2023

 

In The Style Group plc

Result of General Meeting

 

In The Style Group plc (AIM: ITS) ("In The Style" or the "Company"), announces
that, following the General Meeting held earlier today, the Sale Resolution
was duly passed by Shareholders on a poll.

It is therefore expected that Completion of the Sale will occur on 27 March
2023.

The Cancellation Resolution did not pass.  Accordingly, admission of the
Company's Ordinary Shares to trading on AIM will not be cancelled on 5 April
2023.

As set out in the Circular, the Company intends, as soon as practicable, to
implement a members voluntary liquidation ("MVL") of the Company in order to
distribute the net proceeds of the Sale received by it.  However, while these
net proceeds are expected to be approximately £500,000, the Company will need
to deduct the additional costs and expenses associated with the MVL, as well
as the general administrative costs of now having to remain an AIM-quoted
company, before the distribution of any residual value can be made to
Shareholders.

On Completion, the Company will become an AIM Rule 15 cash shell, with no
operating business.  As the Company does not intend to enter into a Rule 14
Transaction, the Company's Ordinary Shares would be suspended from trading on
AIM six months after Completion (expected to be 27 September 2023), pursuant
to Rule 40 of the AIM Rules, if the MVL has not been concluded by that date.
Admission to trading on AIM would be cancelled six months from the date of
suspension.

The full text of each of the Resolutions is set out in the notice of General
Meeting, which is available on the Company's website at
www.https://corporate.inthestyle.com
(http://www.https:/corporate.inthestyle.com/.com) .

The following table sets out the total number of votes cast on each
Resolution.

 

   RESOLUTION                                                                    VOTES FOR                VOTES AGAINST             VOTES TOTAL                WITHHELD
                                                                                 Number of votes  %       Number of votes  %        Number of votes  % of ISC  Number of votes
   To approve the Sale for the purposes of Rule 15 of the AIM Rules and section  19,291,746       58.92%  13,451,543       41.08%   32,743,289       62.37%    67,478
   190 of the Act
   To approve the Cancellation                                                   19,286,189       58.90%  13,456,843       41.10%   32,743,032       62.37%    67,735

 

 

Notes

1.             Any proxy appointments which gave discretion to the
Chairman have been included in the "Votes For" total.

2.             A "Vote Withheld" is not a valid vote in English
law and was not counted in the calculation of the proportion of the votes
"For" or "Against" a resolution.

3.             As at the date on which members had to be entered
in the register of members of the Company in order to be entitled to attend
and vote at the meeting, the issued share capital of the Company (the "ISC")
was 52,499,998 Ordinary Shares.

General

Capitalised terms used in the Company's announcement released at 7.00 a.m. on
7 March 2023 shall, unless the context provides otherwise, have the same
meanings in this announcement.

These results will shortly be available on the Company's website at
www.https://corporate.inthestyle.com/
(http://www.https:/corporate.inthestyle.com/)

The person responsible for the publication of this announcement on behalf of
the Company is Richard Monaghan, Chief Financial Officer of the Company.

Enquiries:

 

In The Style Group
plc
Via Hudson Sandler

Jim Sharp, Chairman

Rich Monaghan, Chief Financial Officer

 

Hudson
Sandler
+44 (0)20 7796 4133

Alex
Brennan
inthestyle@hudsonsandler.com

Ben Wilson

 

Lincoln International LLP (Financial
Adviser)                           +44 (0)20 7022
9880

Harry Kalmanowicz

Julian Tunnicliffe

 

Liberum Capital Limited (Nomad and
Broker)                           +44 (0)20 3100
2000

Clayton Bush

Scott Mathieson

Miquela Bezuidenhoudt

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